Housing development company Newil & Bau buys the business of Auratum Asuntojen, part of the Rausanne Group.
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A housing development company Newil & Bau says that it is buying the business of Auratum Asuntojen, which is part of the Rausanne group and specializes in the construction of new homes.
With the deal, Newil & Bau's project portfolio will increase in sales value to more than 650 million euros. Apartments are currently being built on it for around 220 million euros.
The companies do not disclose the purchase price of the business deal.
The sale has no effect on Auratum Apartments' properties under construction or under warranty. Their responsibilities will remain with the founding builders, i.e. Auratum Asunnot in Turku and Helsinki, whose ownership will not change. The company has ongoing projects in the construction phase in Turku and Naantali, as well as sites in the annual repair phase in Helsinki and Turku.
In connection with the transaction, Rausanne became a partner of Newil & Bau with a 15 percent ownership stake.
Rausanne is a company that invests in the real estate and securities market, owned by the Puolimatka family. Rausanne's chairman of the board Rauno Puolimatka is a major investor and one of Finland's most significant construction contractors Lovely Halfway son. Armas Puolimatka, who died in 1989, is particularly known for his role in starting suburban construction. He was awarded the rank of Mountain Councilor in 1967.
Rausanne serves as CEO Arto Half way. Arto Puolimatka and Sanna Puolimatka are currently the main owners of the company.
Correction 10.1. 11:30 a.m.: Corrected the title. It's about the sale of the subsidiary of the Puolimattka family company.
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